Plains GP Holdings: Is Its Bolt-On Acquisition Strategy Adequately Supporting Its Future Growth Plan? 

Plains All American Pipeline, L.P. (PAGP) reported solid financial performance for the second quarter of 2025. The company achieved an adjusted EBITDA attributable to Plains of $672 million, driven by increased Permian volume growth and contributions from recent bolt-on acquisitions. The second quarter saw a significant strategic decision with the execution of agreements to sell most of its Natural Gas Liquids (NGL) business in Canada to Keyera for $3.75 billion, set to close in early 2026. This transaction is expected to streamline Plains All American Pipeline into a more focused crude oil midstream entity, reducing its commodity exposure while facilitating a consistent cash flow stream.